Cohocton Wind Watch

Cohocton Wind Watch is a community citizen organization dedicated to preserve the public safety, property values, economic viability, environmental integrity and quality of life in Cohocton, NY and in surrounding townships. Neighbors committed to public service in order to achieve a reasonable vision for a Finger Lakes region worthy of future generations.

On Wednesday, SunEdison reported
fourth-quarter and fiscal year 2014 results that helped illustrate how
these shifts are affecting the company’s bottom line -- and laying the
groundwork for matching global demand for renewable energy.

SunEdison reported fourth quarter non-GAAP revenues of $625.5 million
and a net loss of $42.7 million, or 16 cents per share, compared to
revenues of $540 million and a net loss of $181.8 million, or 68 cents
per share, in the fourth quarter of 2013.

On a GAAP basis, the company reported fourth-quarter 2014 revenues of
$610.5 million and a net loss of $242.1 million, or 89 cents per share,
compared to fourth-quarter 2013 revenues of $681.2 million and a net
loss of $283.4 million, or $1.06 per share.

These results didn’t match analysts’ fourth-quarter targets of revenues
of $683.8 million and a loss of 32 cents per share, pushing SunEdison’s
share price down slightly in after-hours trading Wednesday. But shares
had regained those losses in early Thursday trading -- perhaps because
of the rosier picture painted by the company’s record-setting 2014
project growth, as well as its backlog and pipeline of projects.

SunEdison reported a record 1,048 megawatts of new projects in 2014, up
506 megawatts, or 94 percent, from the previous year. That included 783
megawatts of projects retained on its balance sheet through the spinout
of TerraForm this summer, and projects “dropped down” into that YieldCo
since then, SunEdison CFO Brian Wuebbels said in a Thursday morning
conference call. TerraForm Power reported fourth-quarter 2014 net sales
of $42.6 million, up from $4.5 million in the same quarter in 2013.

The YieldCo structure allows SunEdison to retain the ongoing income
from projects and attract investors looking for steady income and
dividends, rather than the revenues from projects developed and sold to
third parties. Other companies have set up YieldCos such as NRG Yield,
NextEra Energy Partners, Abengoa Yield, and TransAlta Renewables.

But SunEdison, unlike these other companies that have created their own
YieldCos, has not reported a profitable quarter on a GAAP basis since
2011. The company’s vertically integrated silicon and semiconductor
manufacturing and solar project development business model, created when
U.S. semiconductor manufacturer MEMC bought SunEdison in 2009, was hit
hard by ongoing price pressures, and the future worry of losing the U.S.
federal Investment Tax Credit (ITC) for solar projects in 2017.

SunEdison reported 467 megawatts of projects under construction at the
end of the fourth quarter, and a pipeline of 5.1 gigawatts, with 973
megawatts of gross additions in 2014. Here’s a breakdown of those
projects by geographic region and size, along with a chart that shows
the growth of projects retained on the company's balance sheet.

“As we continue to see the acceleration of our yield vehicles, you’re
going to see the plan to move further and further to retaining more
projects and selling fewer projects,” Wuebbels said.

SunEdison is still growing its utility-scale and distributed solar
business in North America, CEO Ahmad Chatila said in Thursday’s call.
Indeed, SunEdison has quietly launched
a residential solar loan program called SolarOwn. At the same time, “We
continue our strong momentum in emerging markets,” and “we expect these
markets to outpace the overall markets in the coming years,” he said.

As for First Wind,
it brought 1.6 gigawatts of pipeline and backlog to the company’s
fourth-quarter results, as well as an additional 1.6 gigawatts of
projects eligible for U.S. Production Tax Credits (PTC), Wuebbels said.
First Wind is also the 11th-largest solar PV developer in the U.S., with
a total of 468 megawatts in operation and in development, according to
GTM Research's U.S. Utility PV Market Tracker.

SunEdison has also set up a warehouse facility, which combines $500
million in equity financing with $1 billion in long-term and revolving
debt, to finance construction of both wind and solar projects, Wuebbels
said. “This is only the first of several innovations we’re working on to
create additional sources of growth capital beyond capital markets
while continuing to drive down the cost of capital for our capital
business,” he said.

Fourth-quarter non-GAAP gross margins were 10.8 percent, down from the
third quarter’s 15.8 percent but up from the 4.9 percent gross margins
of the fourth quarter of 2013. As this chart indicates, the company’s
margins have been dragged down by the poor performance of its silicon
materials segment.

Other highlights of the quarter included:

An average cost of solar installations of $2.97 per watt, on the high side of the company’s projections for the year

Fourth-quarter capital expenditures of $47.8 million, of which $23.1
million was incurred in the semiconductor materials segment

$158.9 million in capital expenses incurred to secure the wind
turbines expected to result in 1.6 gigawatts of PTC-eligible wind
projects

Friday, February 20, 2015

DOWN WIND - Wind Turbine documentary (part one)

Monday, February 16, 2015

Hawaii Wind Farm, Failing, for Sale

An SEC filing required as a condition of the potential sale of windfarms from Hawaii’s largest wind farm developer, First Wind, to TerraForm Power, Inc., have revealed a number of difficulties the subsidized windfarm has faced in meeting its terms of operation with regard to generating and delivering reliable power to the grid.

As reported in the Hawaii Free Presss (Feb. 8), the SEC filing paints a company in trouble, even before the sale is approved. In the filings TerraForm acknowledged:

We have limited experience in energy generation operations. As a result of this lack of experience, we may be prone to errors .... We lack the technical training and experience with developing, starting or operating non-solar generation facilities. With no direct training or experience in these areas, our management may not be fully aware of the many specific requirements related to working in industries beyond solar energy generation. Additionally, we may be exposed to increased operating costs, unforeseen liabilities or risks, and regulatory and environmental concerns associated with entering new sectors of the power generation industry, which could have an adverse impact on our business as well as place us at a competitive disadvantage relative to more established non-solar energy market participants. In addition, such ventures could require a disproportionate amount of our management’s attention and resources. Our operations, earnings and ultimate financial success could suffer irreparable harm due to our management’s lack of experience in these industries.

Equipment Problems

TerraForm’s filing also indicates First Wind’s wind farms suffer from an array of problems. For instance, under its power purchasing agreement, First Wind was required to install and maintain a battery energy storage system to maintain electric grid stability and reliability. However, the battery system manufacturer and manager, Xtreme Power, is in bankruptcy and no longer provides replacement batteries or other necessary components. Though First wind is attempting to secure replacement batteries, it admits the new battery system may not be able to meet the company’s terms of operation.

An additional equipment problem uncovered in TerraForm’s SEC filing is the turbines and other equipment originally produced and supplied to First Wind by Clipper Windpower are no longer manufactured, backed or serviced by Clipper. A number of defects were found in the turbines and other equipment Clipper provided, affecting various turbines operations up to the present. The defects resulted in prolonged, “downtime for turbines at various projects,” according to TerraForm’s SEC filing.

Prolonged arbitration and litigation ensued, resulting in a settlement agreement signed by First Wind releasing Clipper from all warranty and maintenance obligations. As a result, TerraForm reports, “if Clipper equipment experiences defects in the future, we will not have the benefit of a manufacturer’s warranty on such original equipment, may not be able to obtain replacement components and will need to self-fund the correction or replacement of such equipment, which could negatively impact our business financial condition, results of operations and cash flows.”

Location and Financing Problems

TerraForm lists a number of other problems potentially resulting in losses or even the closure of some turbines or windfarm sites entirely. For instance, First Wind did not properly notify the FAA of wind turbine construction in certain locations, thus if aviation conflicts arise, the turbines may have curtail their operation or even be shut down. In addition, operations at some wind farm locations have been curtailed due to an excessive number of endangered bats and birds being killed by the turbines.

TerraForm is also concerned the wind farms it wishes to purchase may be unable to secure financing for ongoing operations unless Congress keeps in place the entire panoply of subsidies and tax advantages wind farms currently benefit from. According to TerraForm, “PTCs and accelerated tax depreciation benefits generated by operating projects can be monetized by entering into tax equity financing agreements with investors that can utilize the tax benefits, which have been a key financing tool for wind energy projects. The growth of our wind energy business may be dependent on the U.S. Congress extending the expiration date of, renewing or replacing PTCs, without which the market for tax equity financing for wind projects would likely cease to exist.” It is an open question whether Congress will continue to renew the wind production tax credit or if it will continue to provide favorable tax breaks to the energy industry.

With the all of these forces buffeting First Wind’s wind farms, one may wonder why TerraForm wants to purchase the assets.

Friday, February 13, 2015

Peer-reviewed literature supports anti-wind sentiment

In a recent WBOC newscast, Paul Harris, development manager for Pioneer Green’s Somerset County wind farm project, said there are “more than 20 peer-reviewed scientific studies that dispel health concerns related to turbines.”

I asked Harris to provide a list of these publications, which he did. Upon inspection, however, the list included only seven peer-reviewed literature reviews, none of which were experimental studies. Most of the list consisted of non peer-reviewed reports, some written by paid consultants for the wind industry.

Peer-reviewed experimental studies are important because they are the gold standard for scientific knowledge. As scientists conduct studies, they gather evidence, interpret the results and write a paper that is submitted for publication in a scientific journal.

Prior to publication, the journal sends the paper to anonymous reviewers who are experts on the topic. The expert reviewers are asked to provide a critique of the paper to ensure it meets rigorous scientific standards.

If the paper does not stand up to such scrutiny, it is not published. This process ensures the data provide the best information available and are as unbiased possible.

Saturday, February 07, 2015

SunEdison gets $410 million loan for First Wind acquisition

SunEdison, the Maryland Heights-based solar developer, has received a $410 million loan from Deutsche Bank to help pay for its $2.4 billion acquisition of First Wind, a U.S. developer, owner and operator of wind projects.

The loan carries a 3.75 percent interest rate and matures in January 2020.

The
First Wind acquisition, which closed last week, added more than 1.6
gigawatts of pipeline and backlog projects for SunEdison. Those projects
will eventually be sold to TerraForm Power, a subsidiary of SunEdison
that serves as a yieldco for SunEdison, which owns a majority of the
company.

The deal was paid for with an upfront payment of $1
billion, including the assumption of $361 million of debt at closing,
and an expected $510 million of earn-out payments over two and a half
years.

First Wind CEO Paul Gaynor has been appointed executive vice president of SunEdison's North American Utility and Global Wind business unit.

SunEdison shares were trading at $20.51 per share at market close Tuesday.

SunEdison Appoints EVP of North America Utility

SunEdison has appointed Paul Gaynor as Executive Vice President of SunEdison, responsible for the North America Utility and Global Wind business unit.Paul Gaynor was previously the Chief Executive Officer of First Wind Holdings, LLC, which SunEdison acquired earlier this year. As the leader of the North America Utility and Global Wind business, Mr. Gaynor is charged with reinforcing SunEdison's leadership position in the North America utility scale solar market, growing the global wind platform and accelerating the development and construction of the projects acquired from First Wind.

"Paul possesses both the breadth and depth of industry experience and the leadership abilities that are essential to growing SunEdison's North America Utility and Global Wind business. At First Wind, Paul helped to build one of the leading U.S. wind energy companies, putting in place first-class development and operations," said Ahmad Chatila, President and Chief Executive Officer of SunEdison. "At SunEdison, Paul will apply his development and management expertise to accelerate the growth of our business as we go to market with a clean energy platform."

"I'm excited to join SunEdison and lead a very dynamic and experienced North American team," said Gaynor. "I look forward to working with my team to develop, build and operate well-sited and well-run renewable energy projects that deliver clean, cost effective solar and wind energy to our customers across North America and around the world."

Wednesday, January 21, 2015

Baron Winds Wind Project, Steuben County, NY

The Baron Winds Wind project is a proposed 300 MW wind farm located in the Towns of Hornellsville, Hartsville, Fremont, Wayland, and Cohocton and in Steuben County, NY. The project will be located on primarily farmland and recreational land and could include up to 150 turbines when completed. The project’s point of interconnection is expected to be in the existing Canandaigua substation in the Town of Cohocton. Current plans will utilize a turbine at 100 meter (330 feet) hub height and will include a series of project roads and overhead and underground collection and transmission lines throughout the project area.

The project will be subject to the New York State Article 10 Siting Process and will also be required to obtain other state, local and federal permits prior to construction and operation. If built the project would result in an estimated 320,000 tons of CO2 emission reductions, and will span up to 40,000 acres.

Power projects in NY are now permitting using the Article X Process. Information on the Process can be found by clicking the links below. Please check this site often for updates on the progress of the Baron Winds Wind Project.

Thursday, January 08, 2015

First Wind Secures Energy Sales Agreements with Idaho Power Company

Boston, MA and Boise, ID – January 5, 2015 – First Wind, a leading
renewable energy company, today confirmed that the Idaho Public
Utilities Commission has approved Energy Sale Agreements with five
proposed First Wind solar projects and the Idaho Power Company. The
contracts are for 20 years and for projects that total 100 megawatts
(MW). The five 20 MW projects are spread across southern Idaho where
they will provide energy and economic diversity to Ada, Elmore, Owyhee
and Power counties.

"We're excited to announce these agreements for new solar energy in
Idaho," said Paul Gaynor, CEO of First Wind. "These five projects will
deliver clean, renewable solar energy to homes and businesses in Idaho
at a cost-competitive price. The new long-term contracts with Idaho
Power Company will enable us to move forward quickly and create a source
of major economic activity for Idaho through good construction jobs and
significant local tax revenues."

Each project is targeted to be completed by the end of 2016. Taken
together, close to $10 million in direct property taxes will be
generated by the projects over 20 years. The five projects combined are
expected to generate approximately 250,000 MW hours annually – enough
to power the equivalent of nearly 30,000 homes.

First Wind currently operates four solar projects in Massachusetts,
and has additional solar projects in development in Hawaii and Utah. In
Idaho, First Wind operates the 45 MW Power County Wind project on
behalf of a third-party owner.

About First Wind
First Wind, which recently entered into an agreement to be acquired
by SunEdison and TerraForm Power, is a leading renewable energy company
exclusively focused on the development, financing, construction,
ownership and operation of utility-scale renewable energy projects in
the United States. Based in Boston, First Wind is operating or building
renewable energy projects across the country, with combined capacity of
nearly 1,300 megawatts (MW) – enough to power more than 375,000 homes
each year. For more information on First Wind, please visit
www.firstwind.com or follow us on Twitter @FirstWind.

Wednesday, January 07, 2015

Cape Wind Dealt Setback As 2 Utilities End Power Contracts

Two major utilities on Tuesday evening terminated their contracts to
buy power from Cape Wind, the long-debated proposed wind farm in
Nantucket Sound, saying project managers had missed a crucial deadline.

National Grid and NStar, a subsidiary of Northeast Utilities, say
Cape Wind missed the Dec. 31, 2014, deadline contained in the contracts
to obtain financing and begin construction, and had chosen not to put up
financial collateral to extend the deadline.

Cape Wind has proposed a $2.5 billion, 130-turbine offshore wind farm
off of Cape Cod. If built, it would be the first offshore wind farm in
U.S. waters.

“The deadlines Cape Wind has missed were contractually agreed-upon by
both companies,” a Northeast Utilities spokeswoman said in a statement
late Tuesday. She added: “We remain committed to meeting the
commonwealth’s clean energy goals through competitively bid contracts
while also keeping prices down on behalf of our customers.”

A National Grid spokesman said in a statement the utility is
“disappointed that Cape Wind has been unable to meet its commitments.”
He added: “We will continue to pursue other renewable options, including
solar, competitively priced on- and off-shore wind, and other
technologies as they become available.”

Mark Rodgers, a Cape Wind spokesman, said in an email that the
developer does not “regard these [power contract] terminations as valid”
because of provisions in the contracts that extend deadlines, including
protracted litigation.

Audra Parker, president and CEO of the alliance, said in a statement
that the “decision by NSTAR and National Grid to end their contracts
with Cape Wind is a fatal or near-fatal blow to this expensive and
outdated project.”

She added: “It’s very bad news for Cape Wind, but very good news for
Massachusetts ratepayers who will save billions of dollars in electric
bills.”

Without buyers for its power, Cape Wind’s ability to secure financing needed for the project would become all but impossible.

Ian Bowles, who as Gov. Deval Patrick’s first energy and
environment chief helped shepherd the offshore project, said the project
may be dead.

Patrick, a strong supporter of the project, issued a brief statement
Wednesday that did not refer directly to Cape Wind, but expressed
confidence in offshore wind energy.

“The future of off-shore wind in the Commonwealth remains bright,
as does the path for the marine commerce terminal in New Bedford,” said
Patrick, who leaves office Thursday.

Cape Wind signed a lease agreement with the state in September to use New Bedford for staging and construction of the project.

Matthew Beaton, who is the energy secretary-designate of Gov.-elect
Charlie Baker, told WBUR the utilities’ decisions will not affect other
renewable energy projects.

“As we go into the new administration, we’re going to look at every form of renewable energy
electricity and weigh them on their merits and on their effectiveness to generate electricity at a reasonable price,” he said.

Saturday, January 03, 2015

Congresswoman Chellie Pingree: Tax Breaks Critical for Wind Energy

That’s critical tax credits for things like wind energy developers and people in our state who just need to know what their investments in the future are going to look like," Pingree says, "and this uncertainty is just bad for the business."

Pingree says tax policy should be established for at least several years to allow businesses and individuals to plan.

Saturday, December 13, 2014

Citizens' plea: End the wind PTC

The fight is on, again, over which tax credits will make the cut in this latest round of extender bills. The House of Representatives just passed HR 5771 which revives dozens of lapsed tax credits totaling $42 billion, including the controversial wind production tax credit (PTC) that expired last year. If approved by the Senate, HR 5771 will reinstate the 22-year old 'temporary' subsidy retroactively for 2014.

Wind proponents argue the 1-year extension is akin to no extension at all. They paint a dire economic picture of curtailed project development, lost jobs and the unraveling of an entire manufacturing sector. A failure to extend the PTC, they claim, will effectively impose an unfair tax on the industry in the form of higher wind prices. Those who oppose the credit are collectively dismissed as Koch-brother sympathizers, a narrative that has worked short term -- after all, it's easy to hate big oil. But the label is flatly false.

The Grassroots Speak

Leading up to the House vote, a grassroots network of thousands (and thousands!) of Americans nationwide quietly signed letters to Congress asking their representatives, and the leadership, to vote 'no' on any extension of the wind PTC. The signers, all regular, main street Americans impacted by the subsidy-driven push for more wind everywhere, hope their voices will be heard past the slick wind-marketing campaigns and paid mouthpieces with access.

They tell a different story as reflected in these excerpts from the letters sent:

Indiana: "Most of the [nearly 3000] Hoosiers who have signed this letter are directly threatened by the choice you will make. We live in the communities impacted by wind development. Many of our local elected officials have passed restrictive ordinances that effectively ban wind development due to the harms to our local economies, property values, health, wildlife and employment. The PTC encourages wind development in inappropriate places – it has fostered a generation of developers who are rewarded for siting turbines on every free acre that has transmission access, no matter who is in the way or how poor the wind resource."

Ohio: "The Production Tax Credit for wind “energy” serves only one purpose: tax avoidance. Wind is subprime power foisted upon rural communities by a predatory industry. Wind will not reduce the country’s carbon footprint. It will not power our factories. It is highly disruptive to the landscape we cherish. It is about tax avoidance – pure and simple. The burden of wind’s costs falls most heavily on those who can least afford to pay.... The signers of this letter are citizens –volunteers not funded by any organization. We are mothers and fathers. We are ratepayers and taxpayers. Unlike [Jonathan] Gruber’s acquiescent Americans, too dumb to understand the ACA, we understand wind energy. We understand it is little more than a dressed up bit of crony capitalism and support comes only at our expense. Speaker Boehner, please help to stop it. Don’t make us continue to pay for it. "

Texas: There is significant concern about the impact of wind energy subsidies on other sources of generation in Texas. ... Your active involvement in helping end the unjustifiable PTC for industrial wind energy is appreciated.

And for New Hampshire, Nebraska, Alabama and other states: "Renewing the PTC would cost billions that our nation simply cannot afford and the negative impacts on our communities, our scenic beauty and wildlife are significant."

Given the vigor in which proponents are pushing for another PTC extension, it's unrealistic to believe the wind industry can survive without the subsidy. Big wind grew up on the tax credit, developed market plans and forecasts that relied on it, and now the wind PTC appears to be a required component of the industry's economics. Warren Buffet recently reminded us that wind investment makes no sense without handouts from taxpayers.

The consequences back home of more federal subsidies for big wind are real. After more than two decades, it's time Congress learns what the public already knows and heeds the plea to pull the plug on this endless subsidy once and for all.

Linowes is executive director of the Windaction Group (windaction.org), an organization that opposes the wind power industry.

Thursday, December 11, 2014

First Wind Selling Majority Stake in Two Wind Farms to JPMorgan

First Wind Holdings Inc., the renewable-energy developer being acquired by SunEdison Inc. (SUNE), agreed to sell a majority stake in two wind farms to JPMorgan Chase & Co.

JPMorgan Asset Management is buying into the 105-megawatt Palouse wind farm in Washington and the 150-megawatt Route 66 project in Texas, Boston-based First Wind said today in a statement. The size of the stakes and the prices weren’t disclosed.

Construction on Route 66 is expected to be complete next year. Palouse has been producing electricity since 2012, helping power about 30,000 homes in eastern Washington. First Wind will continue to operate both power plants.

The deal “provides First Wind capital to continue our efforts to develop and build new clean energy projects,” the developer’s Chief Executive Officer Paul Gaynor said in the statement.

SunEdison and its power-plant holding company TerraForm Power Inc. announced plans Nov. 17 to pay $2.4 billion for First Wind. The deal is expected to close in the first quarter.

Wednesday, December 10, 2014

Sun Edison Buying First Wind Scam

Most people
know very little about the true economics in the solar and wind industry. Even
less understand the cryptic disclosures in an SEC filing of reports from FERC.
Yet the financial inventors are brilliant in concealing the simple business
model that is supposed to generate earning from real economic activity. Let’s be
generous and report on the public relations announcement, 5
Slides That Show Why SunEdison Bought First Wind. Reading such glowing
projections might attract investors into the SunEdison,
TerraForm Power Up Solar ETFs.

“SunEdison is among the largest holdings in
both the Guggenheim Solar ETFs (TAN ) and the Market Vectors Solar ETF (KWT ),
which climbed 5.1% and 3.8% respectively.

These two solar ETFs are alone in giving
meaningful weight to TerraForm, SunEdison’s partner
“yieldco” that went public in July, according to
research firm XTF.”

Are you
ready for some government and private sector newspeak? Note the following
appears on the website of NREL - a national laboratory of the U.S. Department of
Energy, Office of Energy Efficiency and Renewable Energy, operated by the
Alliance for Sustainable Energy, LLC. - A
Deeper Look into Yieldco Structuring.

“A yieldco is a dividend growth-oriented
public company, created by a parent company (e.g., SunEdison), that bundles
renewable and/or conventional long-term contracted operating assets in order to
generate predictable cash flows. Yieldcos allocate cash available for
distribution (CAFD) each year or quarter to shareholders in the form of
dividends. This investment can be attractive to shareholders because they can
expect low-risk returns (or yields) that are projected to increase over
time.”

Surely you
got that these “yieldco” are even better than derivatives,
RIGHT???

“Expected to close in the first
quarter, the purchase will consist of a $1.9 billion upfront payment and $510
million dependent on First Wind completing backlog projects.

TerraForm will add 521 megawatts of First
Wind projects to its portfolio under the deal, with 1.6 gigawatts of projects
expected to be developed by SunEdison and dropped down into TerraForm in 2016
and 2017, the companies said in the statement.”

The sorted history of First
Wind strikes a record of questionable financial dealing, concealed debt
obligations, flipping LLC ownership and holding company discrepancies. It came
as no surprise that First Winds bizarre attempt to sell off their self
proclaimed core projects fell flat. A local Bangor Maine newspaper has taken the
lead on real investigative reporting. First
Wind sale means end of $333 million partnership with Emera is but one in a
series of damaging evidence on the shady business practices of First
Wind.

“Ending a partnership challenged twice
before state regulators and in court, Nova Scotia-based Emera has sold its
interest in a $333 million joint venture with First Wind, which was purchased
Monday by a Missouri-based renewable power developer.

Emera announced Monday that it has agreed to
sell its interest in Northeast Wind Partners back to First Wind for $223
million.

The deal would end a legal
challenge to that partnership, which Houlton Water Co. and a group representing
industrial power users argued violated the intent of New England’s deregulation
of its electricity market. But that money may be directed at other power
generation resources in the region after the completion of the larger deal
between First Wind and SunEdison subsidiary TerraForm Power.”

Ask yourself, why would a newly
capitalized company want to acquire a debt ridden albatross like First
Wind? When SunEdison
Spin-Off TerraForm Power Scores Hot IPO came to market, a smell of a Wall
Street bailout using another shell public company reeks. Since First Wind failed
in their own IPO
offering, just maybe a careful examination into the filings of these
companies is warranted.

“TerraForm Power Inc. (NASDAQ: TERP),
another spin-off from SunEdison Inc. (NYSE: SUNE), offered 20.1 million shares
and raised about $500 million in its IPO, valuing the company at around $2.4
billion. SunEdison will retain nearly 95% of the voting power in the company.
The IPO’s underwriters have a 30-day option on another 3 million
shares.”

Selling
shares of public companies to pension funds for eventual shorting from the house
accounts of underwriting firms is a favorite strategy that if caught, only gets
a slap on the wrist.

The lack of
disclosure of ALL the debt for projects that cannot even satisfy minimum
interest payments must less retiring the actual obligations, is indicative of an
industry that is based upon fraud and uncompetitive costs.

Wind
proponents want you to believe that Wind
Power Forecasting in U.S. Electricity Markets are based upon true figures of
literal production that goes into the grid for actual consumer use. Nothing
could be further from the truth. Sun Edison is no virgin to the mega corporation
ownership game. Having started in 1959 as the Monsanto Electronic Materials
Company, a business unit of Monsanto Company, their SEC
filing is a wealth of information on connections to the usual suspects
behind the renewable energy Wall Street schemes.

“Here's why SunEdison and the
rest of the industry is so keen to pursue
new finance options. Back in its 3Q13
financial results SunEdison calculated its current business model of
building and selling solar projects yields about $0.74/Watt -- but those assets'
true value could jump as high as $1.97/W if the company can find ways to
enumerate and apply various methods: lower the cost of capital, apply various
underwriting assumptions, and factor in residual value in power purchase
agreements. That's a startling 2.6× increase in potential value creation that
SunEdison thinks it can unlock, and creating a yieldco structure to attract
interest from the broader investor community is a big part of the
answer.”

Birds of a
feather flock together and care nothing about all the fowl kill is a bad deal
for investors and electric rate payers.

Risks of Industrial Wind Turbines is a group of citizens and organizations dedicated to preserve the public safety, property values, economic viability, environmental integrity and quality of life of residents and future generations.